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The Deal: European Stocks Rise Despite Bad News From Banks

LONDON -- European markets held up well in early trading Tuesday, despite bad news from the banking sector around the region. This was led by Switzerland's UBS (UBS) -- which has been told temporarily to hold more capital because of pending litigation and compliance issues. Germany's Deutsche Bank (DB - Get Report) also said it took an unexpectedly high $1.65 billion litigation charge. Together with a slowdown in its trading business, that brought Deutsche's profits down by a huge 94% to about $56 million. Britain's Lloyds Bank (LYG) also reported a loss.
 
Nevertheless, other news was better. Good results from oil major BP (BP) helped sustain London's FTSE 100, which was up around 0.3% in early trading, while Frankfurt's DAX Xetra and Paris's CAC 40 were both up in by mid morning.
 
In the Far East, the Nikkei 225 closed down almost 0.5% at 14,325.98. That was despite good figures on employment and industrial output which pushed up the yen, and so dampened export prospects.
 
Shanghai was down 0.22% at 2128.86, but Hong Kong's Hang Seng index was up 0.18% at 22,846.54.
 
But some real market moving news in India: The central bank there put up the main policy rate 25 basis points to 7.75% as a push-back against inflation. That helped stabilize the rupee and pushed up the Bombay markets.

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SYM TRADE IT LAST %CHG
DB $32.21 0.12%
UBS $17.58 -0.23%
AAPL $126.41 -1.66%
FB $81.21 0.39%
GOOG $575.33 0.34%

Markets

DOW 18,135.72 +38.82 0.21%
S&P 500 2,101.04 +2.51 0.12%
NASDAQ 4,982.8090 +15.6680 0.32%

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